The picture here is the resting place of Adam Smith in the Canongate Churchyard in Edinburgh, Scotland.
The people who worship what they think is the doctrine of Adam Smith and the “invisible hand” have probably never read his works. Certainly the ones giving tax breaks to the wealthiest while depriving those in poverty are totally ignorant of his teachings. This god of Capitalism believed that it could not survive without a code of ethics that was fair to the employee simply because all wealth derived from labor. Whether it was your own or your employees, that labor was to be rewarded in proportion to the wealth produced. Thus slavery was not an economical structure because the cost was greater than the benefit.
All people operate from a position of self interest. Even the good deeds we do are because we are rewarded by our self image of ourselves as decent people. By racing to the lowest common denominator towards slave labor, modern corporations see short term gains in profits but have higher costs in social services or in the worst cases higher disease and mortality as populations increase and labor becomes cheaper and cheaper. While higher salaries as a reward for education and accomplishment produce lower birthrates and greater long term profits.
This isn’t Communism or a pure Socialism that rewards everyone no matter what they produce. It is more akin to the Democratic Socialism practiced in Nordic countries where the majority of taxes benefits the majority of the population in services. So when Conservatives accuse Liberals of Socialism they are totally out of line with the Capitalism they profess to support not to mention that whole biblical injunction thing (for those who lean in that direction) about the Laborer being worthy of his hire. This wisdom has been out there for centuries.
No one does something for nothing. There is no free lunch. The greatest achievements come from everyone being satisfied with their production to reward ratio. That’s why Jefferson put the whole “pursuit of happiness” bit in the Constitution. You don’t get rewarded for sitting on your rear, but if a society creates a climate of reward for effort, you have success for everyone.
